§18-7C-3 Definitions. - West Virginia Statutes

§18-7C-3. Definitions.
As used in this article, unless the context clearly requires a different meaning:

(1) "Assets" means all member contributions and employer contributions made on the member's behalf to the Defined Contribution Retirement System and earnings thereon, less any applicable fees as approved by the board: Provided, That if a member has withdrawn or cashed out any amounts, the amounts must have been repaid.

(2) "Board" means the Consolidated Public Retirement Board established in article ten-d, chapter five of this code, and its employees.

(3) "Date of merger" means, in the event of a positive vote on the merger, the first day of July, two thousand six.

(4) "Defined Contribution Retirement System" means the Teachers' Defined Contribution Retirement System established in article seven-b of this chapter.

(5) "Salary" means:

(A) For a member contributing to the Defined Contribution Retirement System during the two thousand five fiscal year, the actual salary earned for the two thousand five fiscal year divided by the employment service earned in the two thousand five fiscal year.

(B) For a member not contributing to the Defined Contribution Retirement System during the two thousand five fiscal year, the contract salary on the date of rehire.

(6) "State Teachers Retirement System" means the State Teachers Retirement System established in article seven-a of this chapter.